The problem in insurance time tracking
Leading insurance companies use Pacific Timesheet to automate employee time, work and leave tracking. Most insurance organizations are paper-intensive and document management is a long-term challenge. Paper-based of employee time and track attendance tracking is also a problem. Employees filling out paper timesheets, supervisor approvals and manual data entry into payroll and accounting systems is expensive and slow. Complicated time off accrual rules are costly to calculate manually. Manual time tracking costs you money in several ways:
- Employee attendance performance is difficult to track
- Attendance problems are not easily improved using manual absence points tracking
- Missing time records, time off requests and timesheet approvals go undetected
- Timesheet corrections are difficult and more costly to track
- Lack of automated reporting make it near impossible to know the true costs of task and case work.
Manual processes create risk
Inaccurate employee time off balances increase liabilities. Under-recording of time off taken lead to higher employee time off balances. Inconsistent approvals and improperly handled corrections increase company exposure to FSLA labor law suits and labor board actions for alleged unpaid overtime or leave. When in doubt, payroll managers might be forced to payout time off balances when employees leave the company more than they are entitled. The lack of automated time tracking and time off workflow can even lead to employees receiving paychecks after they have left the company.
Pacific Timesheet can automate even the most complex work, overtime and accrual rules, making manual and time and work tracking a thing of the past. The system, known in the industry for its affordable configurability, can be setup in 15 – 45 days depending upon the number of locations and the complexity of rules and policies.
- The cost of employees' timesheet creation and submission cut by more than 80%.
- Supervisor approval time reduced by 90%.
- No more lost timesheets.
- Significantly improved accuracy means a dramatic reduction in corrections and adjustment entries in payroll and accounting.
- Finally, electronic transmittal of employee time and work data to payroll translates into the complete elimination of double data entry, hundreds of payroll admin hours per year and the ability to significantly speed up payroll processing.
- Your payroll department will finally be able to focus on the quality of payroll time data and stop playing a losing game of chasing down missing timesheets, approvals, and catching up in later pay periods with avoidable corrections.
Pacific Timesheet Government solutions automates all aspects of employee time, work and asset tracking - from data capture, approvals workflow, validation and rules processing and data integration with third party systems.
All employee timesheet progress is monitored in real time. Email notifications send employee reminders and late notices ensuring timesheets are accurate and on time. Supervisor reminders and late notices make sure timesheet rejections, corrections, and approvals are completed on time. Back-up or surrogate approvers are notified to swing into action when supervisors are unavailable.
Automated workflow makes everything happen automatically. No lost timesheets. No lateness. No excuses. Everything complete and on time.
Return on investment savings
Each organization is different. But in general, Pacific Timesheet customers have reduced payroll data entry time by 98%! Employee and supervisor timesheet preparation and approvals time is reduced by 90%. Correction and adjustment entries are reduced by more than 90%. Visibility into employee attendance performance through one-click attendance performance, excessive overtime and sick time reports soars.
The savings for a 1,000 employee organization can be from $500,000 to $1,000,000 per year.
Are you stuck?
Read the article:"Why is automating the paper timesheet so hard?" and learn how to get started automating paper or Excel timesheets.